Altron TMT SA Group Proprietary Limited agreed to acquire LAW Trusted Third Party Services (Pty) Ltd from Etion Limited (JSE:ETO) for approximately ZAR 250 million on April 19, 2021. The consideration is payable with effect from the effective date (as defined below), payment of ZAR 185 million, ZAR 30 million (subject to the potential adjustment relating Lawtrust’s net debt and working capital as at the effective date) to be paid to Etion within 10 business days of the certification or determination of the closing accounts in accordance with the agreement and ZAR 30 million to be paid to Etion on the first anniversary of the effective date less any legitimate warranty, indemnity and other potential claims under the agreement. The consideration price for the acquisition of Lawtrust shall be funded from existing resources. The value of the net assets of Lawtrust as at September 30, 2020, was ZAR 102 million. The acquisition is subject to the fulfilment or waiver of the following outstanding conditions precedent by no later than July 15, 2021, or such date as may be agreed in writing by the parties, Etion obtaining approval from its shareholders for the disposal of Lawtrust pursuant to the JSE Listings requirements, Etion obtaining approval from its shareholders for the disposal of Lawtrust in terms of section 112 read with section 115 of the Companies Act 71 of 2008 (“Companies Act”), Etion and the Altron Group obtaining all necessary approvals, including any regulatory or statutory approvals as may be required for the purposes of completing the transaction including the approval of the Competition Authorities, Etion and Lawtrust obtaining such necessary notifications and/or approvals in terms of Lawtrust’s corporate and contractual arrangements as may be required for the purposes of completing Altron’s acquisition of Lawtrust and other conditions precedent that are customary for a transaction of this nature. As of September 1, 2021, the Competition Commission shared positive recommendation and approval is expected by the middle of September 2021. As of July 14, 2021, the parties, including Lawtrust, have agreed to extend the date for the fulfilment or waiver of outstanding conditions precedent to August 31, 2021. As of September 1, 2021, the date for the fulfilment or waiver of outstanding conditions precedent is extended to September 30, 2021. acquisition has received an affirmative recommendation from the Competition Commission. The parties are awaiting final approval from the Competition Tribunal, which approval is anticipated to contain certain conditions. The acquisition will only become unconditional once the Competition Tribunal approves same, which approval is expected by the middle of September 2021 with an anticipated effective date of October 1, 2021. As of September 21, 2021, acquisition has received approval from the Competition Tribunal, which approval contains certain conditions. The effective date of the acquisition is the first day of the calendar month following the calendar month in which the last of the conditions precedent has been completely fulfilled or duly waived, to the extent capable of waiver in law, unless Etion and Altron otherwise agree in writing. As of September 21, 2021, Etion and Altron will be fulfilling the remaining conditions precedent which are administrative in nature to ensure that the effective date of the acquisition will be October 1, 2021. Fasken Martineau DuMoulin LLP acted as legal advisor and PSG Capital (Pty) Limited acted as a financial advisor to Etion Limited. Altron TMT SA Group Proprietary Limited completed the acquisition of LAW Trusted Third Party Services (Pty) Ltd from Etion Limited (JSE:ETO) on October 01, 2021. All conditions precedent to the disposal have been fulfilled and the disposal has been concluded.